The most critical first step in an exit or transition plan is to develop a financial plan and personal vision of what your life will look like post-business.
Whether you’re looking to sell, expand or transition your shop, understanding the value of your business is essential.
We all think that we’re going to live forever and never consider how, if we die, the shop will continue.
Even if you have no intention of leaving your business soon, starting the planning process early will prepare you for the time that you want — and need — to exit.
Just like you don’t need to eat the bear in one bite, you don’t need to have a fully fleshed-out plan in order to have a successful future as a retired body shop owner.
If you have more than five years before you plan to exit your business, there are many things you can do to increase its value and decrease your asset gap.
You’re looking to retire and your partner wants to buy you out.
What is the first step in this planning process?
Creating a solid succession plan helps collision shop owners align their families and businesses for generational wealth.